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The Central Board of Direct Taxes (CBDT) has officially notified the ITR-3 form for the assessment year 2025–26. This form is meant for individuals and Hindu Undivided Families (HUFs) who have income from business or profession, and it is used to report income earned during the financial year 2024–25 (April 1, 2024, to March 31, 2025).
According to a post by the Income Tax Department on X, the ITR-3 has been further simplified for ease of filing. A key update includes a new schedule for reporting capital gains — allowing taxpayers to separately disclose gains accrued before and after July 23, 2024. This split aligns with the provisions introduced in the Finance Act, 2024, and ensures accurate calculation of tax liabilities under the revised rules.
The ITR-3 form will also enable taxpayers to report capital losses on share buybacks, provided that the associated dividend income is declared as income from other sources, as per the amendment that took effect on October 1, 2024.
In a social media post, CBDT notified ITR-Form 3 for AY 2025-26, which included key updates:
> Schedule-Capital Gain split for gains before/ after 23.07.2024 (post changes in Finance Act, 2024)
> Capital loss on share buyback allowed if corresponding dividend income is shown as income from other sources (post 01.10.2024)
> Asset & liability reporting limit raised to Rs 1 crore of total income
> Reference of sec 44BBC (cruise biz) added
> Enhanced reporting for deductions [80C,10(13A)] etc.
> TDS section code to be reported in Schedule-TDS
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